November 25, 2007
November 24, 2007
November 23, 2007
Richard Roberts Resigns as Oral Roberts University President
The Tulsa World, November 23, 2007
Richard Roberts sent a letter to the Oral Roberts University Board of Regents on Friday tendering his resignation as university president effective immediately.
The regents will meet Monday and Tuesday to determine action in the search process for a new president.
Executive Regent Billy Joe Daugherty will continue to assume administrative responsibilities of president, working together with Chancellor Oral Roberts, until the regents meeting.
In his letter of resignation to the board, Richard Roberts said, “I love ORU with all my heart. I love the students, faculty, staff and administration and I want to see God’s best for all of them.”
Paul Krugman: Banks Gone Wild
Paul Krugman, The New York Times, November 23, 2007
“What were they smoking?” asks the cover of the current issue of Fortune magazine. Underneath the headline are photos of recently deposed Wall Street titans, captioned with the staggering sums they managed to lose.
The answer, of course, is that they were high on the usual drug — greed. And they were encouraged to make socially destructive decisions by a system of executive compensation that should have been reformed after the Enron and WorldCom scandals, but wasn’t.
In a direct sense, the carnage on Wall Street is all about the great housing slump.
This slump was both predictable and predicted. “These days,” I wrote in August 2005, “Americans make a living selling each other houses, paid for with money borrowed from the Chinese. Somehow, that doesn’t seem like a sustainable lifestyle.” It wasn’t.
But even as the danger signs multiplied, Wall Street piled into bonds backed by dubious home mortgages. Most of the bad investments now shaking the financial world seem to have been made in the final frenzy of the housing bubble, or even after the bubble began to deflate.
The Tattlesnake — What Do We Have to Give Thanks For? Edition
As It Turns Out, A Lot
I’m anything but a starry-eyed optimist and not prone to spreading false hope, but think of how far we’ve progressed:
At the dawn of the 19th century, the predominant form of government in the world was monarchy and the experiment in democratic self-rule that was the United States had not even been in business for twenty years; slavery was accepted around the world and even the children of the ‘free’ poor worked right alongside their parents, often 16 and 18 hour days, seven days a week; cities were reeking sump holes with residents frequently dumping their chamberpots out the window and animal dung and garbage covered the streets; sanitation was unheard of and medicine was crude, and patients often died from minor wounds that became infected by the doctor working on them; food-borne illnesses also thrived due to ignorance of bacteria and food preservation; and most Americans were illiterate. Yet by the end of the century, slavery was outlawed in much of the world; most monarchs were controlled by a parliament; sewage systems had been installed in most major cities, along with flush toilets in all but the poorest homes; bans on child labor had been enacted; advances in science had lessened the chance that patients would die of infected wounds, as both the wounds and the doctor’s hands were cleaner; food preservation and sanitation had nearly been mastered; and most Americans had learned how to read and write in their local public school.
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